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OFAC General License

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In further US developments against Russia, (1) on April 19 and 20, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) targeted sanctions evaders, including by adding two Russian banks – Public Joint Stock Company Transkapitalbank (“TKB”) and its subsidiary, Joint Stock Company Investtradebank (“Investtradebank”) – and the virtual currency mining company, Bitriver AG and its subsidiaries, to the Specially Designated Nationals and Blocked Persons List (“SDN List”) for attempts to…

On February 2, 2022, the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued seven new Frequently Asked Questions (“FAQs”) (FAQs 957 through 963) and on February 25, 2022, issued General License 20, “Authorizing Transactions Involving Afghanistan or Governing Institutions in Afghanistan” (“GL 20”) to expand authorizations for commercial and financial transactions in Afghanistan and seven new FAQs (FAQs 991 through 997). OFAC also made updates to FAQs to account for the new…

On April 6, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) added two of Russia’s largest banks, Public Joint Stock Company Sberbank of Russia (“Sberbank”) and Joint Stock Company Alfa Bank (“Alfa-Bank”), and their subsidiaries to the Specially Designated Nationals and Blocked Persons List (“SDN List”). OFAC also issued 3 new and 3 amended Russia-related General Licenses, and added several other parties to the SDN List. President Biden also issued…

On March 24, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued two new and two reissued General Licenses and issued new and revised Frequently Asked Questions (FAQs). OFAC also added more than 400 parties to the Specially Designated Nationals and Blocked Persons List (“SDN List”). A summary of these developments can be found on OFAC’s Recent Actions page here and here. New and Revised General Licenses OFAC issued two…